tntsunrise
Short

A new selling opportunities for USOIL

FX:USOIL   Crude Oil (WTI)
6263 56 111
A new selling opportunities for USOIL            
The Measured AB=CD move
ends at 39.70

Look left there is good structure now acting as resistance
SL should be above 40.15 the ext 1.618
Look for Price Action and also RSI
to enter the short trade,
if a bullish candle close abve 40.15, then the set up
is invalid.
Calculate your lot size,
For example, if you enter at 39.70, SL 40.20
50 pips, and you dont want to lose 500 buck
u should only trade 0.5 LOT ( 1 LOT = 1000 barrel)
Trade active: Order filled at 39.70
Comment:
snapshot
Comment:
snapshot


Rejected at 1.618 ext.
Comment:
snapshot
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NICE JACK MINE SL IS 40$
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THanks
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Maybe it is bulls trap right now, they pushing it much higher.
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yeah. later we may see buyer's failure
+1 Reply
Jack , you think the oil price is raising up due to a high chance of positive rig count data release today?
+1 Reply
possible. or may be because the usdcad going down
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ok
TP 36 :-)
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Shorted at 39.67 with SL at 40.30 lets see what becomes of it
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Equal PRO mshuaibi
my charts shows me 40.40
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Thank you, Sir! you are brilliant! :)
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nice PA
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Very well explained
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TahirKhan akshasuv
There is a resistance to right under 40 handle but it is likely the break above can be seen for a push to 40.8X or around.. Seeing a range top there with an ideal drop ( considering we hold to under 41 handle ) coming to around 38.0X...

http://i.imgur.com/T6BQUgl.png
OIL 2 hr -
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A very nice catch
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there is a slight issue
weekly is bullish
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jangseohee jangseohee
snapshot
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tntsunrise TOP jangseohee
good observation. u can check the weekly chart for aud. also shows bullish, but no use
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jangseohee tntsunrise
audusd has a weekly red bar hence the bullishness is being subdued
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tntsunrise TOP jangseohee
check the previous week bar.
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tntsunrise TOP jangseohee
snapshot
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Lanmar PRO tntsunrise
Good point. I had the same thoughts as jangseohee. One candle is never enough.
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excatly. so the oil's bullish weekly candle doesnt' mean the bullish will continue. it doenst close above the previous high.
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Good one. I also see Oil is still in a corrective structure and more downside possible arroung 40. I would expect to hit the 6.18 of the last upmove at 40.15 before turning back to the area at 38.50. Possible they will correct to 32.00.
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AGREE
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Thanks .If you take the last 4 weeks weekly candles together (consider them as one candle ) oil has formed a hanging man candle(reversal) meaning not only its going to fall but going to come and take out the 35.27(once it closes below 35 dollars again,,it is forming a H&S pattern head at 42$ neckline around 35$ pushing the pair towards 28$ minimum as wave 3 that is also 1.618% fib extension of wave one--42 to 35.27$ ) remember we are still in the 3rd wave on a weekly chart (if this week OPEC production talk fails --most likely there will be no conclusive outcome as Iran will not agree to freeze then Saudia will not either as they have said it last week .I THINK OIL WILL EVENTUALLY FALL BELOW 10$ 1)technically wave 3 is in fib extension of wave 1 as 1.618%,,2,,,2.618% so on so monthly chart wave 3 will fall close to 8--9 $ a barrel sounds crazy ,, 2) Plenty of oil including new findings near Egypt by an Italian company and also in Nordic sea 3) slow down of Emerging market 4) alternative energy like solar power 4) more production will resume like shale companies if oil goes above 40$ 5)Iran trying to take back its market causing fierce competition
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Personally i do not agree oil will fall below $10, that's too crazy, If that happens, BIG BIG financial crisis. Much worse than 2008.
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wave elliott complete. SL=41,85
snapshot
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yeah. that's what i mentioned AB=CD measured move.
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You probably don't trade Brent Jack,but I am also short on Brent. They don't correlate 1:1,but If WTI drops,then Brent is going down as well and vice versa
snapshot
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tntsunrise TOP Don_Corleone
correct. they normally 90% correlation
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watsonzou26 tntsunrise
Hopefully you are correct. I am too nervous here since i short, too. I saw USD/CAD touching a big Support level.



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tbuckle PRO tntsunrise
Do you still believe in much lower prices for oil soon?
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watsonzou26 PhamPhan
wave 3 should be longer, wave 1 and wave 5 equal the same?
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SL triggered out for me. How high will it go? Shall we go long or is there soon another turning point to go short?
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my sl is 40.4, it might hit but oil should still be a sell
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i think better to long before the meeting.
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you can re-enter at the 1.618 ext
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sal tntsunrise
Hi you mean re-enter short @ 40.15?
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Hi jck master are you from singapore?
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yes i am in singapore
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Vladimir2016 jangseohee
we see that it is not enough potential in the oil to break the previous high, which began the rollback, so that I see today rolled back down and go into a flat around 40
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SL hit at 40.4 trade closed :(
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Equal PRO jafbash786
Same here. Stopped. I guess to not re-enter.
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tntsunrise TOP jafbash786
40.30 is key resistance, if price falls back below 40.30, still can short
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jafbash786 tntsunrise
price was rejected quite harshly re entered at 40.2 now in the green
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jafbash786 tntsunrise
any thoughts on current price action jack its quite sideways now
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watsonzou26 tntsunrise
The price currently falls back to 40.21, very interesting to see how it will unfold, what target do you see in short term, Jack?
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tntsunrise TOP watsonzou26
38.26
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watsonzou26 tntsunrise
THANKS, Jack. Always follow your chart!
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jafbash786 tntsunrise
this trade must be invalid now suerly
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tntsunrise TOP jafbash786
if break above 40.88, we must exit
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sal tntsunrise
thanks, does this also mean if it breaks above 40.88 could also be a possibility to go long?
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uperth tntsunrise
Thank you very much for your hard work and sharing it. I am out of the commanded trade with SL. Do you have any view how much more we go north? Or is it turning south soon?
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still valid short?
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Hi do you think should stay clear of position prior sunday meeting? much appreciated if you can post an update or a new idea on oil. thanks again
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